Toyota CEO Akio Toyoda had his come-to-Jesus session with Congress Wednesday but problems for he and his embattled company are far from over.
The world’s largest automaker still faces investigations by federal prosecutors in New York and the Securities and Exchange Commission plus lawsuits and backlash from angry consumers.
Dealers must repair millions of cars and the company’s once-proud reputation for quality is in tatters.
Toyoda apologized several times in his three-hour Congressional appearance Wednesday but continued to claim the complex electronic systems were not at fault for the unintended acceleration problems that had led to sticking gas pedals, accidents and death on the highways.
But the company’s own documents show the company tried to save money by avoiding a broad recall and delayed taking action for economic reasons.
“There is still a very large bull’s-eye pinned to Toyota right now,” auto industry analyst Aaron Bragman told The Associated Press.
- Analysis: How did Toyoda do? (cnn.com)
- Toyota’s CEO on the hot seat (money.cnn.com)
- Top 10 Congressional Tongue Lashings (time.com)
- Toyota CEO Akio Toyoda To Congress: ‘I’m Deeply Sorry’ (huffingtonpost.com)
- US subpoenas Toyota documents (news.bbc.co.uk)